CA Bankruptcy Exemptions

Counsel from a Cerritos Bankruptcy Attorney

If you are filing for bankruptcy, you may be exempt from certain property (Chapter 7) and payments to unsecured creditors (Chapter 13). While some states let you choose between federal and state exemptions,
California requires that you must use state exemptions; however, there
are two different sets of exemptions that you may decide between.

Bankruptcy Exemption System 1

Bankruptcy Exemptions under System 1:

Homestead: protects residence up to $75,000 for single persons and $100,000 for
families. Older persons and disabled persons may protect more equity.

Tools of Trade: anything that is used for an occupation up to $7,175 (single) and $14,300
(married in same trade); vehicles may also be exempt up to a certain amount

Bank Deposits: from Social Security up to $2,875 (single) and $4,300 (married); from
public benefit payments up to $1,425 (single) and $2,150 (married)

Wages: 75% of wages that were made within 30 days of filing and vacation credits
for public employees

Pensions & Retirement Funds: tax exempt retirement accounts, public retirement benefits and IRAS &
Roth IRAS up to $1,171,150 .Public employees, county employees, county
peace officers, and county fire fighters also have exemption for their
retirement funds and pensions.

Wildcard: $1,280 and any unused burial or homestead exemption in any property

Alimony and Child Support

Contact the Law Office of Raymond J. Seo

To find out how you can maximize your assets from these bankruptcy exemptions,
get in touch with Cerritos bankruptcy attorney, Raymond J. Seo. He has
over a decade of experience helping clients file for bankruptcy and obtain
debt relief.

The information on this website is for general information purposes only.
Nothing on this site should be taken as legal advice for any individual
case or situation. This information is not intended to create, and receipt
or viewing does not constitute, an attorney-client relationship.